India's forex reserves dropped by USD 17.761 billion to USD 657.892 billion for the week ended November 15, the RBI said on Friday.

In the previous reporting week ended November 8, the overall reserves dropped by USD 6.477 billion to USD 675.653 billion.

The kitty, which had hit an all-time high of USD 704.885 billion in end-September, has been declining for multiple weeks now, at a time when the rupee has also been under pressure.

For the week ended November 15, foreign currency assets, a major component of the reserves, decreased by USD 15.548 billion to USD 569.835 billion, the data released on Friday showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves decreased by USD 2.068 billion to USD 65.746 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 94 million to USD 18.064 billion, the apex bank said.

India's reserve position with the IMF was also down by USD 51 million to USD 4.247 billion in the reporting week, the apex bank data showed.

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